Roses Are More Expensive on Valentine's Day Than at Other

question 300

Multiple Choice

Roses are more expensive on Valentine's Day than at other times of the year, yet sales of roses are highest on that day. How does economic theory account for this?

• A) An increase in demand pushes up the market clearing price of roses.
• B) People buying the roses are irrational.
• C) Roses are not subject to the law of demand.
• D) Florists know that there are no substitutes for roses, so they take advantage of consumers on Valentine's Day.

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